Safari Industries (India) Ltd

SAFARI

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Market Cap

₹ 11,221 Cr

P/E

67.53

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Safari Industries is a manufacturer and marketer of luggage and luggage accessories, operating primarily in India.

The company has a long history, starting in 1974, with significant expansions of its manufacturing footprint over the years.

Recent investments have been made to scale up capacity for polypropylene and polycarbonate zippered hard luggage at their Halol plants.

Safari Industries has diversified its product line to include fast-selling items like laptop bags and backpacks.

A key strategic development was the commercial production commencement at its new Halol plant in 2022.

Sector

Plastic products

Industry

Moulded Luggage

Market Cap

11,221 Cr

Volatility

Low Risk

P/E Ratio

67.5

Industry P/E

67.5

PEG Ratio

3.1

P/B Ratio

10.7

52W High

2,745.80

52W Low

1,781.00

Sales CAGR

14.26%

35.91%

21.03%

10Y

22.54%

Profit CAGR

-18.78%

72.23%

30.96%

10Y

35.17%

ROE

TTM

15.90%

20.14%

16.00%

10Y

15.16%

ROCE

TTM

19.36%

24.67%

19.96%

10Y

19.97%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SAFARI	2290.00	11,221 Cr	67.53	10.74	0.13	15.90	19.36	11.57
SHAILY	2367.40	10,879 Cr	74.42	17.12	0.08	23.00	25.18	13.86
FINPIPE	165.60	10,275 Cr	21.40	1.74	2.17	8.12	11.02	7.09
TIMETECHNO	191.00	9,369 Cr	22.28	2.44	0.61	13.83	17.71	9.48
RESPONIND	195.00	5,214 Cr	25.53	3.54	0.05	13.89	14.26	10.99
KINGFA	3815.10	5,170 Cr	32.84	3.99	0.00	12.16	16.66	9.08
VIPIND	353.25	5,019 Cr	—	10.82	0.00	-42.26	-11.21	-11.38

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	427	370	388	365	450	458	443	421	528	534
Expenses	348	307	320	299	384	410	392	360	449	460
Operating Profit	79	63	68	67	66	48	50	61	79	74
OPM %	18.52	17.15	17.56	18.29	14.64	10.46	11.38	14.45	15.02	13.88
Other Income	2.28	2.88	3.66	5.06	8.22	7.05	7.17	6.03	5.80	5.75
Interest	2.61	2.21	2.39	2.29	2.35	2.43	2.03	2.03	2.20	2.11
Depreciation	13	12	13	14	14	15	15	15	17	18
Profit Before Tax	66	52	57	56	58	38	41	49	65	60
Tax %	24.05	23.38	24.12	22.76	22.78	21.62	23.66	23.95	22.85	21.94
Net Profit	50	40	43	43	44	30	31	38	50	47
EPS in Rs	10.12	8.08	8.72	8.93	9.03	6.05	6.35	7.65	10.29	9.58

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	352	422	578	686	328	705	1,212	1,550	1,772	1,849
Expenses	319	377	525	614	334	650	1,015	1,273	1,547	1,611
Operating Profit	33	45	52	72	-5.96	55	197	278	225	238
OPM %	9.39	10.59	9.08	10.49	-1.82	7.83	16.24	17.90	12.70	12.89
Other Income	0.20	0.94	1.31	0.95	3.33	-1.30	9.46	14	28	26
Interest	3.71	2.89	4.47	10	5.79	4.92	7.97	9.50	8.84	8.69
Depreciation	5.13	6.18	8.31	22	20	20	33	52	59	62
Profit Before Tax	16	34	41	40	-29	29	165	230	186	194
Tax %	34.50	36.32	33.60	23.76	27.53	23.17	24.21	23.60	23.05	23.06
Net Profit	10	22	27	31	-21	22	125	176	143	149
EPS in Rs	—	—	—	6.25	-4.26	8.46	25.38	35.85	29.08	33.87
Dividend Payout %	40.82	4.98	4.11	0.00	0.00	8.39	13.35	10.89	10.29	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.15	4.15	4.45	4.47	4.47	4.48	4.48	4.74	9.75	—
Reserves	87	97	168	196	226	275	297	421	814	—
Borrowings	58	41	54	104	114	41	56	139	146	0.00
Other Liabilities	28	56	48	82	72	77	112	183	174	0.00
Total Liabilities	177	198	275	386	416	397	469	748	1,144	—
Fixed Assets	24	23	31	29	79	67	96	184	293	0.00
CWIP	0.30	1.09	0.16	0.00	0.23	0.07	20	0.00	1.04	0.00
Investments	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	149	0.00
Other Assets	152	174	243	357	336	330	353	564	701	0.00
Total Assets	177	198	275	386	416	397	469	748	1,144	—

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-13	24	-48	-38	71	111	16	51	217	57
Cash from Investing Activity	-15	-6.42	-13	-6.66	-21	-98	-3.66	-70	-345	-9.66
Cash from Financing Activity	29	-19	59	45	-50	-10	-14	20	164	-75
Net Cash Flow	1.00	-1.77	-1.65	-0.06	0.73	3.14	-2.12	0.73	36	-27

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	47.23%	47.23%	46.97%	46.88%	45.73%	45.73%	45.73%	45.42%	45.41%	45.41%	45.41%	44.91%
FIIs	15.93%	12.30%	12.95%	13.44%	13.06%	13.14%	12.69%	12.24%	12.26%	13.25%	13.05%	12.30%
DIIs	12.61%	17.00%	17.51%	16.76%	20.19%	20.52%	21.82%	22.89%	23.96%	23.71%	24.68%	26.11%
Public	24.22%	23.46%	22.58%	22.92%	21.02%	20.61%	19.76%	19.45%	18.37%	17.62%	16.86%	16.68%
Total Shareholders	15,148	24,023	31,307	45,251	35,341	35,078	32,050	45,148	42,218	38,387	36,080	36,628

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 03, 2025	Siddharth gautam	Insider - Designated Person	Disposal	2,426.64	0.36 Cr	1,500	—
Nov 26, 2025	Paritosh sinha	Insider - Designated Person	Disposal	2,434.00	0.49 Cr	2,000	0.00
Nov 26, 2025	Rameez shaikh	Insider - KMP	Disposal	2,410.00	0.46 Cr	1,900	0.005
Nov 26, 2025	Hasmukh bharadva	Insider - Designated Person	Disposal	2,436.46	0.05 Cr	212	—
Nov 26, 2025	Hasmukh bharadva	Insider - Designated Person	Disposal	2,441.62	0.07 Cr	267	0.00
Nov 24, 2025	Jagan ramaswamy	Insider - Designated Person	Disposal	2,325.47	0.46 Cr	1,978	—
Nov 20, 2025	Deepak bartwal	Insider - Designated Person	Disposal	2,290.00	0.55 Cr	2,393	0.00
Nov 20, 2025	Jagan ramaswamy	Insider - Designated Person	Disposal	2,297.55	0.23 Cr	1,000	0.00
Nov 20, 2025	Jagan ramaswamy	Insider - Designated Person	Disposal	2,295.87	0.05 Cr	200	0.00
Nov 20, 2025	Anindya majumdar	Insider - Designated Person	Disposal	2,300.00	0.43 Cr	1,865	—

Projection

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Announcements

Last 7 days

Newest

Sentiment

Investor Meeting

3 hours ago

Investor/Analyst Meeting Scheduled

An investor/analyst meeting is scheduled for December 19, 2025, at 3:30 PM IST with Aditya Birla Sun Life Mutual Fund.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY25

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SAFARI	2290.00	11,221 Cr	67.53	10.74	0.13	15.90	19.36	11.57
SHAILY	2367.40	10,879 Cr	74.42	17.12	0.08	23.00	25.18	13.86
FINPIPE	165.60	10,275 Cr	21.40	1.74	2.17	8.12	11.02	7.09
TIMETECHNO	191.00	9,369 Cr	22.28	2.44	0.61	13.83	17.71	9.48
RESPONIND	195.00	5,214 Cr	25.53	3.54	0.05	13.89	14.26	10.99
KINGFA	3815.10	5,170 Cr	32.84	3.99	0.00	12.16	16.66	9.08
VIPIND	353.25	5,019 Cr	—	10.82	0.00	-42.26	-11.21	-11.38

Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	427	370	388	365	450	458	443	421	528	534
Expenses	348	307	320	299	384	410	392	360	449	460
Operating Profit	79	63	68	67	66	48	50	61	79	74
OPM %	18.52	17.15	17.56	18.29	14.64	10.46	11.38	14.45	15.02	13.88
Other Income	2.28	2.88	3.66	5.06	8.22	7.05	7.17	6.03	5.80	5.75
Interest	2.61	2.21	2.39	2.29	2.35	2.43	2.03	2.03	2.20	2.11
Depreciation	13	12	13	14	14	15	15	15	17	18
Profit Before Tax	66	52	57	56	58	38	41	49	65	60
Tax %	24.05	23.38	24.12	22.76	22.78	21.62	23.66	23.95	22.85	21.94
Net Profit	50	40	43	43	44	30	31	38	50	47
EPS in Rs	10.12	8.08	8.72	8.93	9.03	6.05	6.35	7.65	10.29	9.58

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	352	422	578	686	328	705	1,212	1,550	1,772	1,849
Expenses	319	377	525	614	334	650	1,015	1,273	1,547	1,611
Operating Profit	33	45	52	72	-5.96	55	197	278	225	238
OPM %	9.39	10.59	9.08	10.49	-1.82	7.83	16.24	17.90	12.70	12.89
Other Income	0.20	0.94	1.31	0.95	3.33	-1.30	9.46	14	28	26
Interest	3.71	2.89	4.47	10	5.79	4.92	7.97	9.50	8.84	8.69
Depreciation	5.13	6.18	8.31	22	20	20	33	52	59	62
Profit Before Tax	16	34	41	40	-29	29	165	230	186	194
Tax %	34.50	36.32	33.60	23.76	27.53	23.17	24.21	23.60	23.05	23.06
Net Profit	10	22	27	31	-21	22	125	176	143	149
EPS in Rs	—	—	—	6.25	-4.26	8.46	25.38	35.85	29.08	33.87
Dividend Payout %	40.82	4.98	4.11	0.00	0.00	8.39	13.35	10.89	10.29	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.15	4.15	4.45	4.47	4.47	4.48	4.48	4.74	9.75	—
Reserves	87	97	168	196	226	275	297	421	814	—
Borrowings	58	41	54	104	114	41	56	139	146	0.00
Other Liabilities	28	56	48	82	72	77	112	183	174	0.00
Total Liabilities	177	198	275	386	416	397	469	748	1,144	—
Fixed Assets	24	23	31	29	79	67	96	184	293	0.00
CWIP	0.30	1.09	0.16	0.00	0.23	0.07	20	0.00	1.04	0.00
Investments	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	149	0.00
Other Assets	152	174	243	357	336	330	353	564	701	0.00
Total Assets	177	198	275	386	416	397	469	748	1,144	—

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-13	24	-48	-38	71	111	16	51	217	57
Cash from Investing Activity	-15	-6.42	-13	-6.66	-21	-98	-3.66	-70	-345	-9.66
Cash from Financing Activity	29	-19	59	45	-50	-10	-14	20	164	-75
Net Cash Flow	1.00	-1.77	-1.65	-0.06	0.73	3.14	-2.12	0.73	36	-27

Oscillators

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Neutral

Bullish

Overall

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Bullish

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Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Safari Industries is a manufacturer and marketer of luggage and luggage accessories, operating primarily in India.

The company has a long history, starting in 1974, with significant expansions of its manufacturing footprint over the years.

Recent investments have been made to scale up capacity for polypropylene and polycarbonate zippered hard luggage at their Halol plants.

Safari Industries has diversified its product line to include fast-selling items like laptop bags and backpacks.

A key strategic development was the commercial production commencement at its new Halol plant in 2022.

Sector

Plastic products

Industry

Moulded Luggage

Market Cap

11,221 Cr

Volatility

Low Risk

P/E Ratio

67.5

Industry P/E

67.5

PEG Ratio

3.1

P/B Ratio

10.7

52W High

2,745.80

52W Low

1,781.00

Sales CAGR

14.26%

35.91%

21.03%

10Y

22.54%

Profit CAGR

-18.78%

72.23%

30.96%

10Y

35.17%

ROE

TTM

15.90%

20.14%

16.00%

10Y

15.16%

ROCE

TTM

19.36%

24.67%

19.96%

10Y

19.97%